Bank of America Corp DE Purchases New Stake in Adamas Trust, Inc. $ADAM

Key Points

• Bank of America purchased 369,017 Adamas Trust shares worth approximately $3.46 million, representing about 0.41% of the company. Institutional and hedge-fund investors collectively own 54.89% of ADAM.
• Adamas Trust beat quarterly expectations with EPS of $0.30 versus a $0.25 estimate and revenue of $47.92 million. The company reported a 29.82% net margin and analysts forecast full-year EPS of $1.20.
• The company raised its quarterly dividend to $0.30, equivalent to a 15.1% annualized yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $9.50 compared with the stock’s $7.93 opening price.

Bank of America Corp DE purchased a new stake in shares of Adamas Trust, Inc. (NASDAQ:ADAM - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 369,017 shares of the company's stock, valued at approximately $3,461,000. Bank of America Corp DE owned approximately 0.41% of Adamas Trust at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADAM. Bank of New York Mellon Corp bought a new stake in shares of Adamas Trust in the 2nd quarter worth $4,657,000. Bessemer Group Inc. lifted its holdings in shares of Adamas Trust by 48,152.5% during the first quarter. Bessemer Group Inc. now owns 530,778 shares of the company's stock valued at $3,907,000 after purchasing an additional 529,678 shares in the last quarter. Legal & General Group Plc bought a new position in shares of Adamas Trust during the second quarter valued at $1,892,000. BlackRock Inc. purchased a new stake in shares of Adamas Trust during the second quarter valued at $127,863,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Adamas Trust during the first quarter valued at $446,000. 54.89% of the stock is owned by hedge funds and other institutional investors.

Adamas Trust Price Performance

NASDAQ ADAM opened at $7.93 on Wednesday. The business's fifty day moving average is $9.33 and its 200 day moving average is $8.81. Adamas Trust, Inc. has a fifty-two week low of $6.45 and a fifty-two week high of $10.36. The company has a debt-to-equity ratio of 11.89, a quick ratio of 18.54 and a current ratio of 18.54. The company has a market capitalization of $712.75 million, a PE ratio of 4.72 and a beta of 1.18.

Adamas Trust (NASDAQ:ADAM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.25 by $0.05. The business had revenue of $47.92 million during the quarter, compared to analysts' expectations of $47.50 million. Adamas Trust had a return on equity of 14.72% and a net margin of 29.82%. Sell-side analysts predict that Adamas Trust, Inc. will post 1.2 earnings per share for the current year.

Adamas Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, September 22nd will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 22nd. This is a positive change from Adamas Trust's previous quarterly dividend of $0.27. This represents a $1.20 annualized dividend and a dividend yield of 15.1%. Adamas Trust's dividend payout ratio (DPR) is presently 71.43%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ADAM shares. Zacks Research raised shares of Adamas Trust from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 30th. Wall Street Zen cut shares of Adamas Trust from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Adamas Trust in a research report on Tuesday, July 21st. JonesTrading reiterated a "buy" rating and set a $10.00 target price on shares of Adamas Trust in a research note on Thursday, September 17th. Finally, UBS Group increased their price target on Adamas Trust from $8.50 to $9.50 and gave the company a "neutral" rating in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Adamas Trust presently has a consensus rating of "Moderate Buy" and an average target price of $9.50.

About Adamas Trust

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